U.S.-based The New Home Co. Inc. (NWHM) addressed its liquidity and long-term debt needs in October 2020 via refinancing both its bank facility and its senior notes at smaller amounts and extended terms. The builder's smaller resulting debt balances and longer-dated maturities for these borrowings should help facilitate a smoother transition to selling more affordably priced homes that generate higher margins and imply less balance sheet drag. We are removing NWHM from CreditWatch where it was placed with negative implications on March 18, 2020, and we are affirming our ratings on NWHM, including our 'B-' issuer credit rating. The stable outlook reflects the likelihood that New Home maintains debt to EBITDA at close to the recent 7x level. With its
